Tourist spending in Europe poised to hit record 1.1 trillion CAD in 2024
According to the latest report by the European Travel Commission (ETC), in 2024 tourists' spending in Europe could reach a record high of 1.1 trillion CAD. That's 37% more than before the pandemic when spending amounted to 807 billion CAD. The report also points to a 6% increase in the number of foreign tourist arrivals compared to 2019.
As indicated in the ETC report for the second quarter of 2024 made available to Bloomberg, the popularity of European tourism is growing. The authors of the report state that tourists eager for relaxation are not deterred by anything—neither record summer temperatures nor high prices of luxury hotels nor overcrowded tourist spots.
Eduardo Santander, Executive Director of the European Travel Commission, expressed his enthusiasm in a statement to Bloomberg that southern European and Mediterranean destinations remain favourite spots for European travellers. Warm weather and a favourable quality-to-price ratio remain the most important factors for tourists, and the south of Europe meets these criteria.
The report also indicates that 72% of the record tourist spending occurs in Western European tourism. Data also shows that Americans are the main driving force behind this year's tourism boom in Europe. The increase in revenues is also due to the return of tourists from East Asia, especially from China.
New trends in european tourism
The ETC report highlights changing patterns in European tourism. More and more tourists choose destinations with a moderate climate and less popularity. This trend has led to a significant increase in the number of foreign overnight stays in countries such as Denmark (38% increase), Norway (18% increase), and Sweden (9% increase) compared to 2019.
The report's authors also observe the growing popularity of lesser-known or less crowded destinations in southern Europe. The number of foreign tourist arrivals to Croatia increased by 7.6% and to Malta by 37% compared to 2019 levels. Albania recorded an impressive 86% increase in tourist overnight stays compared to 2019.
The report emphasizes that countries offering a favourable exchange rate are also gaining popularity. This includes Bulgaria (a 29% increase), Serbia (40%), and Turkey (22%).
